Banks

Finland’s Mesto has signed €800m of revolving credit facility, as the industrial machinery company builds up its cash war chest in preparation for its partial demerger.

The financial institutions bond market has absorbed an enormous volume of supply over the past month, putting a strain on trading levels for outstanding securities. FIG bankers nonetheless expect that spreads could start to tighten once more in the coming weeks, amid a calmer flow of new issuance.

Nordgold and Veon Holdings both printed bonds on Wednesday. But a difficult market backdrop forced Veon to print at a smaller size than expected and at a wide end of revised guidance. The execution of Nordgold’s bond seemed smoother, but investors said it was struggling to stay above reoffer on Thursday morning.

Three Chinese companies joined the queue to list in the US within the past week. Youdao, an online education platform founded by Chinese technology company NetEase, is planning the largest of the IPOs, seeking up to $300m.

Chinese sportswear retailer Topsports International Holdings has raised HK$7.9bn ($1bn) from its IPO on the Hong Kong Stock Exchange, pricing the deal just above the bottom of the marketed range.

Adani Green Energy was out with a 20 year bond on Thursday, giving investors the option to buy a dollar deal from Asia in an otherwise quiet primary market.

ING has appointed a new branch manager of Singapore, replacing Catherine Low who has taken on a different position at the bank.

The European Investment Bank pulled in over $3.8bn of demand for its first 10 year dollar benchmark in over a year, despite sharing screens with the supranational’s debut €STR-linked transaction. BNG is set to follow suit at five years with a sustainability bond.

There were no fireworks as the World Bank issued its longest ever euro benchmark on Wednesday, with the last book update showing a lower volume of orders than the deal size.

Investors warmly welcomed the first benchmark €STR-linked floating rate note on Wednesday, brushing aside previous concerns about a lack of demand for euro FRNs as a result of deeply negative rates in the currency.

Italy’s first inflation-linked syndication in more than two years hit the market on Wednesday and raised €4bn from a book of €22bn, far outstripping the €6.4bn book for its previous linker sale.

Northern Powergrid, a rare issuer in the UK market, issued a 40 year sterling bond on Wednesday that found a strong reception, in a week that has proved patchy for issuers in the currency.